Turkish payment platform Payguru has been bought by TPAY Mobile, a leading digital merchant acquirer and mobile payment enabler owned by UK-based Helios Investment Partners.

Payguru, established in 2005, provides cash mobile payments and bank transfer services in Turkey, said a press release on Wednesday.

“With this investment, both companies expect to leverage their complementary payment solutions and platforms to facilitate for merchants, the acceptance of a boarder range of alternative payment options used by consumers across the companies’ markets,” read the statement.

The acquisition is subject to approvals from the Turkish Central Bank and the Competition Authority, it added.

TPAY Mobile is used by about 580 million people in the Middle East region, where digital payments are widely used.

Isik Uman, CEO of Payguru, said the merger creates an important opportunity for export of Turkish products and collection of payments from foreign countries.

“Fintech is a growing sector in Turkey. Turkey’s progressive technology infrastructure and culture of innovation has positioned the industry as an important fintech market with participation from many global companies,” he said.

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